Luxe Waterfront Oasis in Mermaid Wharf
The owners had recently renovated the kitchen and washroom of this lovely waterfront unit, and had a small budget leftover to transform the rest of the space to match. We worked with the owners to determine their style (contemporary), and knew the optimum target market for the space would be guests looking for a luxe getaway with top quality amenities. We prioritized their budget with their style and target market in mind to create this beautiful contemporary oasis.
Nightly Rate
$225 - $375
Annual Revenue
~$63,400
Avg. Occupancy
97%
Challenge
This space has a very narrow bedroom. The owners had therefore decided to install a queen-size bed, thinking it would make the space feel less crammed.
However, we knew that in order to charge premium rates for the space, we would need a king size bed. A king size bed helps guests feel pampered, and contributes to an overall feeling of luxury, which is the feeling you must achieve when trying to charge top rates.
Our Solution
Though the space was narrow in one direction, it was also long in the other. Did you know a king size bed is not actually any longer than a queen bed, just wider? This meant we could install a king size bed in such a way that its exta width took up the longer portion of the room, while its length did not take up any more of the narrow space. This allowed us to maximize the square footage of the space with an upgraded luxurious king bed, without making the space feel any smaller.
We also helped the space feel less narrow by installing a vertical feature headboard. This served two purposes - we eliminated the thick headboard that was taking up more of that precious narrow space, and we created a feature that draws your eyes upwards. That means when guests enter the bedroom, their focus is on the height of the space, rather than the narrowness, making the space feel bigger. We also eliminated the clunky bedframe and replaced it with a lightweight minimalist bedframe, again making the space feel bigger by creating a sense of airyness and openness under the bed.
It is so important to understand your target market and style your space with your target guests in mind. This space had a beautiful waterfront location, a newly renovated kitchen and washroom, and a convenient underground parking stall. These are all great features that contribute to the ability to charge a premium price - but if you charge that premium price, you must ensure your amenities, furniture and styling match up with that premium price or you will leave guests dissapointed, leading to low value ratings.
Though the owner of this space had a small budget leftover after renos, we prioritized quality furniture, linens and dishware, and sold the owner’s old furniture to stretch their budget further. This allowed us to create a luxurious space that justifies a premium price. We also created a list of extras the owner can include down the road as they generate revenue from the space.
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